Global Automotive Electric Power Steering Market

Automotive Electric Power Steering Market Size, Share, Growth Analysis, By Type(Column Assist EPS, Pinion Assist EPS, and Rack Assist EPS), By Component(Steering Wheel, Steering Column, Sensors, Electronic Control Unit (ECU)), By Vehicle Type(Passenger Cars, Light Commercial Vehicles (LCVs), and Heavy Commercial Vehicles (HCVs).), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2272 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 92 | Figures: 76

Automotive Electric Power Steering Market Insights

Automotive Electric Power Steering Market size was valued at USD 25.09 billion in 2022 and is poised to grow from USD 26.55 billion in 2023 to USD 41.67 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2032).

The global Automotive Electric Power Steering (EPS) marketplace is witnessing a sturdy boom, propelled by using a confluence of factors shaping the automobile industry. A key driving force is the growing demand for gas-green and green vehicles, using the adoption of electrical energy guidance structures over traditional hydraulic options. Additionally, stringent emission rules globally have multiplied the shift in the direction of electrically assisted steerage answers.

The inherent blessings of EPS, together with electricity performance, advanced manoeuvrability, and the ability for integration with advanced driver-assistance systems, further make contributions to marketplace growth. As automakers prioritize stronger driving stories and gas efficiency, the Automotive EPS marketplace is poised for sustained increase and technological advancements.

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Automotive Electric Power Steering Market size was valued at USD 25.09 billion in 2022 and is poised to grow from USD 26.55 billion in 2023 to USD 41.67 billion by 2031, growing at a CAGR of 5.52% in the forecast period (2024-2032).

The aggressive environment of the Automotive Electric Power Steering marketplace is dynamic and is characterized by using extreme opposition amongst key industry gamers and a continual recognition on technological innovation. The companies leverage their studies and development skills to introduce advanced EPS answers, emphasizing strength efficiency, precision, and integration with evolving automotive technology. Additionally, partnerships and collaborations between EPS producers and automobile OEMs make contributions to a dynamic aggressive landscape.    'JTEKT Corporation', 'Robert Bosch GmbH', 'ZF Friedrichshafen AG', 'Nexteer Automotive', 'NSK Ltd.', 'Thyssenkrupp AG', 'Mando Corporation', 'Hitachi Automotive Systems, Ltd.', 'Hyundai Mobis Co., Ltd.', 'Mitsubishi Electric Corporation', 'Showa Corporation', 'Delphi Automotive PLC', 'TRW Automotive Holdings Corp. (Acquired by ZF Friedrichshafen AG)', 'China Automotive Systems, Inc.', 'Maval Manufacturing, Inc.', 'Federal-Mogul Motorparts LLC', 'Hyundai WIA Corporation', 'Zhejiang Shibao Company Limited', 'Zhejiang Wanda Steering Gear Co., Ltd.', 'ATS Automation Tooling Systems Inc.'

The increasing client call for stronger riding experience and gas efficiency in cars has propelled the adoption of electric strength steering structures over traditional hydraulic options. The inherent power performance and responsive manage of EPS align with the automobile industry's cognizance on sustainability and technological improvements.

Rising Integration of Advanced Sensor Technologies: The tremendous shift towards the improvement and integration of steer-via-twine era, removing the need for a physical connection between the steering wheel and the wheels. This fashion complements layout flexibility and opens avenues for advanced driving force-assistance systems. Additionally, the enterprise is experiencing a multiplied attention on software program-primarily based enhancements, considering customizable steering experience and reaction. Another rising trend is the integration of Artificial Intelligence (AI) and system studying algorithms to optimize guidance manage and adapt to various driving situations.

Asia-Pacific is likely to dominate the market. The vicinity is a hub for automotive production, with essential economies like China, Japan, and South Korea playing key roles. The high manufacturing volumes of cars in Asia-Pacific, coupled with the increasing adoption of electric electricity steerage structures with the aid of automakers, contribute to the region's dominance.

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Global Automotive Electric Power Steering Market

Report ID: SQMIG25A2272

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